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Judgment & ambiguity · When to act

A portfolio company misses plan two quarters running, and the founder wants a bridge to a milestone that would reset the story; your reserves are finite. When do you fund the bridge versus let the round come from outside?

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The trap is throwing good reserve money after a story I want to be true, so I anchor on one question: is there a specific, near, and verifiable milestone that would materially re-r

The full answer: structure, worked example, likely follow-up.

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